Income Tax
Income Tax Tax on Monthly Rent

Paying Rent Above â‚ą50,000 per Month? Section 194-IB and 2% TDS on Rent Explained

Subodh K KauraComments Off on Paying Rent Above â‚ą50,000 per Month? Section 194-IB and 2% TDS on Rent Explained

If you are paying rent of more than â‚ą50,000 per month, then Section 194-IB of the Income Tax Act applies to you. Under this rule, you (the tenant) are responsible for deducting 2% TDS on the annual rent and depositing it with the government. Many tenants don’t know about this and later face penalties and […]

Aadhaar Card Income Tax Income Tax Return (ITR) SGC News & Events

Higher TDS Tax on PAN Not Linked with Aadhaar – Understanding the Impact of Section 206AA

Subodh K KauraComments Off on Higher TDS Tax on PAN Not Linked with Aadhaar – Understanding the Impact of Section 206AA

The Income Tax Act, 1961, mandates that every taxpayer must link their PAN (Permanent Account Number) with Aadhaar to ensure compliance. Failure to link Aadhaar with PAN leads to an inoperative PAN, triggering higher Tax Deducted at Source (TDS) under Section 206AA. From 1st July 2023, as per CBDT notification, if a PAN is not […]

Aadhaar Card Income Tax Payroll Updates

Understanding Section 206AA of the Income Tax Act, 1961: TDS Deduction at a Higher Rate

Subodh K KauraComments Off on Understanding Section 206AA of the Income Tax Act, 1961: TDS Deduction at a Higher Rate

Section 206AA of the Income Tax Act, 1961 mandates a higher Tax Deducted at Source (TDS) rate when a recipient of taxable income fails to furnish a valid PAN. Under this section, if the PAN provided is invalid or not incorporated correctly, or if the PAN becomes inoperative due to non-linking with Aadhaar, then TDS […]

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Income Tax SGC News & Events

Online Income Tax Calculator – Instantly Calculate & Compare New vs. Old Tax Regime with SGC

Subodh K KauraComments Off on Online Income Tax Calculator – Instantly Calculate & Compare New vs. Old Tax Regime with SGC

With the new financial year 2025-26 approaching, calculating income tax accurately has become essential for every taxpayer. To simplify this process, SGC Services has developed an advanced Online Income Tax Calculator that helps individuals determine their tax liability under both the Old and New Tax Regimes instantly. âś… Easy to Use – Enter your income, […]

Income Tax Payroll Updates

TDS on Rent: Employees Paying Over ₹50,000 Must Deduct 5% TDS – Avoid Penalties!

Subodh K KauraComments Off on TDS on Rent: Employees Paying Over ₹50,000 Must Deduct 5% TDS – Avoid Penalties!

Many salaried individuals in India unknowingly violate Section 194-IB of the Income Tax Act due to a lack of awareness. If you pay monthly rent exceeding â‚ą50,000, you are required to deduct and deposit 5% TDS (Tax Deducted at Source) on behalf of your landlord. Failure to comply with this rule can lead to penalties, […]